For the past few years we experienced the greatest workplace disruption in generations.
Previously job security with good compensation and an opportunity to grow was the motivation for people joining new organizations. Now a massive number of employees not only want to feel invested in the work they do, but they also want to see that their employer is invested in the same things they value and believe in. Labor Department statistics shows that these days above one third of the workforce are resigning from their roles, despite not having their next job in place.
The crisis in the workforce is adding a great pressure on organizations. Gartner Survey finds that only 19% of HR leaders are prepared to address a shortage of critical talent. “While organizations are competing with peers for talent, they are also contending with changing employee lifestyle preferences and ambitions,” said Piers Hudson, senior director in the Gartner HR practice.
As the workforce is changing, the method of leadership is changing, forcing business leaders to rethink the way they operate. The CEOs are analyzing mistakes, adapting to the ongoing changes in the economy and utilizing their strength. They are reforming working terms and applying innovative methods of business operations. CEOs with their management teams are capturing the benefits of flexible schedules and reducing commutes for employees, building working environments while avoiding the isolation, and declining collaboration during the pandemic.
Here are some creative innovations by successful CEOs that are proven to be efficient:
- Checking in with new hires every day for the first two weeks and connecting with an executive during virtual lunch once a month.
- Hiring boomers to utilize a high level of critical thinking and sharing knowledge with younger generations.
- Offering ongoing training sessions and teaching soft skills for operation in a hybrid environment.
- Scheduling important business meetings in person between 10am – 2pm to avoid commuting during rush hour.
- Designing new, smaller spaces by avoiding cubicles and grouping desks for teams to come in on the same day, sit near each other, and collaborate.
- Providing hot meals to all employees from local cafes free of charge.
- Creating virtual sessions led by co-workers sharing their passions or areas of expertise, like cooking, gardening and painting.
In 2022 and moving forward organizations are adding new measures that reflect the mental, physical, and financial health of their employees.
Wellness became one the newest metric that companies are starting to provide for their employees. Mental and emotional health programs are the most common additions.
Companies are expanding fitness accommodations and adapting new mental well-being options such as: coaching services, educational sessions about mental health, nutrition and healthy diet support. Parallel, they are adding virtual options to support the mental and physical well-being of their remote employees.
Financial health for employees is another important metric for employers.
Financial wellness starts with financial education. The number of organizations offering financial literacy increased from 66% in 2020 to 71% in 2021, based on PwC’s Employee Financial Wellness survey. Businesses include merit-based rewards, tax-advantaged benefits and incentives for participation in retirement savings programs. Helping employees with major expenses like childcare and offering family-building coverage became a big addition for financial health of employees.
If you are the CEO of a business that is in the war for talents, set your goal to win.
All leaders in every sector have an opportunity to strategically reshape the workforce strategy by innovating, adapting to the current environment, adding new benefits for employees and continually advancing a wellbeing culture for the entire business.
Focus on the strength of your organization and stay dedicated to your employees. Design and build a new future for your people and your company!
Authored by Olga Artemenko.
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